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William Martin‘s Raging Capital Management reported lowering its stake in Orbcomm Inc. (NASDAQ:ORBC) through an amended 13G filing with the US Securities and Exchange Commission. Now, the fund’s stake consists of 4.75 million shares, which amass 6.7% of the company’s outstanding stock, compared to 6.48 million shares Raging Capital Management held at the end of June, as reported in its last 13F filing.

Orbcomm is a company that provides Machine-to-Machine (M2M) communications solutions and Internet of Things (IoT) solutions, which encompass network connectivity, devices, and Web applications. Recently, the company has been awarded by the IoT Evolution magazine and IoT Evolution World, which acknowledged its two products, ORBCOMM PT 7000 and the ORBCOMMconnect multi-network management portal, as IoT Evolution Products of the Year. Over the past 12 months, the company’s stock has gained 66.21%. For the second quarter of 2016, Orbcomm disclosed a loss per share of $0.06, below the estimates of a loss per share of $0.02, and revenue of $50.06 million, topping the estimates of $49 million.

Out of 749 hedge funds that we follow, 16 reported long positions in Orbcomm (NASDAQ:ORBC) at the end of June, down from 19 in the previous quarter. Some of the bullish investors encompassed John W. Rogers’s Ariel Investments with a position valued at $32.27 million, Phill Gross And Robert Atchinson’s Adage Capital Management, which held a position worth around $14.15 million in the stock, Chuck Royce’s Royce & Associates, Mike Masters’s Masters Capital Management, Charles Paquelet’s Skylands Capital, and Brandon Osten’s Venator Capital Management.

Some of the smart money managers who lost enthusiasm for Orbcomm (NASDAQ:ORBC) and sold off their positions during the quarter included Richard Driehaus’ Driehaus Capital, which dropped its position valued at the end of March at $1.95 million, Mark Broach’s Manatuck Hill Partners, which said goodbye to $1.27 million worth of Orbcomm’s shares, and Ken Griffin’s Citadel Investment Group.

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